ID: MRFR/IA - E/2073-HCR | February 2021 | Region: Global | 185 pages
Plastic Waste Management Market is projected to be worth USD 48.13 billion by 2028, registering a CAGR of 3.57% during the forecast period (2021 - 2028), The market was valued at USD 33.85 billion in 2020.
The plastic waste management program is widely practiced in North America and Europe owing to supportive regulations and rising awareness among the population regarding hazards related to plastic waste. Enhanced recycling rate is expected provide an ideal opportunity to new emerging economies activities and create new jobs across the globe. Moreover, it is expected to offer improved plastic waste management system and reduce consumption of fossil fuels as well as diminish greenhouse gas emissions.
Global plastic waste management market is segmented based on service & equipment, polymer, source and end-user sector and region. Based on the service & equipment, the market is segmented into collection, recycling, incineration, and disposal. The recycling is anticipated to dominate the plastic waste management market over the review period 2017-2023. The numerous advantages of recycling with growing government initiative to promote recycling is driving the growth of this segment. Based on the polymer, the market is further segmented into polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), and others. Polypropylene dominated the market in 2016 and is projected to be the fastest-growing polymer segment in the global plastic waste management market. Polypropylene holds the largest share of the global plastic market due to high availability and cheap cost. Based on the source, the market is segmented into residential, commercial and industrial. Residential segment dominated the product segment in 2016 and is expected to witness a phenomenal growth over the forecast period. The dominant position of the segment is due to the rise in urbanization coupled with residential waste. Based on the end-use sector, the market is segmented into packaging, building & construction, textile & clothing, automobile, and others. The packaging segment dominated market with the highest share in 2016 and is expected to grow at the highest CAGR over the forecast period 2017-2023 due to a wide range of application of the plastic material in the packaging sector, which needs to recycle further after primary application.
The global plastic waste management market is highly fragmented with numerous international, regional, and local vendors. The competition among the manufacturers have recently intensified due to availability and introduction of innovative products in the market. Also, the competition among the manufactures have increased in terms of portfolio and pricing. The global plastic waste management market is expected to witness a number of the expansion activities over the forecast period and is likely to be followed by the launch of new products or new product development.
Some of the key players in the global plastic waste management market are Veolia Environnement S.A. (France), SUEZ Environnement Company (France), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Stericycle Inc. (U.S.), ADS Waste Holdings, Inc. (U.S.), Remondis SE & Co. KG (Germany), Clean Harbors Inc. (U.S.), Hawkvale Limited (UK), Hahn Plastics Limited (UK), Covanta Holding Corporation (U.S.), Progressive Waste Solutions Ltd. (Canada), Luxus Limited (U.K.), PLASgran Ltd. (U.K.), and United Plastic Recycling, Inc. (U.S.)
Global Plastic Waste Management Market
The global plastic waste management market is predominantly segmented into four major regions such as North America, Europe, Asia Pacific, and Rest of the World. Plastic waste management market is well-established in North America and developed European countries due to various governmental initiatives and stringent regulation to curb down carbon emission, which has lead the waste management market in this region flourishing. Asia Pacific currently witnessing a steady growth due to unawareness and reluctance among the government to promote and implement waste management, however, few emerging economies such as, China, Japan, South Korea and India are currently promoting numerous beneficial programs to spread awareness among the population regarding hygiene, healthcare, and benefits of waste management.
Plastic has become one of the vital partss of day to day life with most of the products consumed are either manufactured or packaged in a plastic material. Plastic waste is non-degradable and can lead to huge ecological crises. The whole world generates a large amount of plastic waste, in which household and industries waste such as, packaging, automobile, electronics, construction and agriculture contributes the most. Advanced technologies and systems used for the reprocessing, sorting, and collection of recyclable plastics are creating new opportunities in accordance with the principles of public health, industrial, economics, and preservation. Factors such as increasing urbanization, industrialization, and growing awareness regarding the environmental hazards propelling the growth of the global plastic waste management market. Numerous laws & regulations imposed by the governments act as a major growth driver of the market. Additionally, government initiatives for recycling plastic materials and the growing concern regarding the plastic waste disposing are driving the market.
Recycling of the plastic is principal need of the society as it not only safeguards energy recovery but also diminishes the carbon footprint. Each ton of plastic, which is recycled, about seven yards of the land can be conserved from landfills and almost 80% of energy can be preserved for the production of brand new plastic material. Plastic is fairly cheap and versatile, recycled plastic is utilized to manufacture a large range of the products such as, carpets, garbage bags, cloths, films, bottles and containers. This recycling process for plastic is augmented to propel the plastic waste management market over the forecast period.
|Market Size||2028: USD 48.13 billion|
|CAGR||3.57% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service & Equipment , Polymer, Source , End-Use Sector|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Veolia Environnement S.A. (France), SUEZ Environnement Company (France), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Stericycle Inc. (U.S.), ADS Waste Holdings, Inc. (U.S.), Remondis SE & Co. KG (Germany), Clean Harbors Inc. (U.S.), Hawkvale Limited (UK), Hahn Plastics Limited (UK), Covanta Holding Corporation (U.S.), Progressive Waste Solutions Ltd. (Canada), Luxus Limited (U.K.), PLASgran Ltd. (U.K.), and United Plastic Recycling, Inc. (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The plastic waste management market can thrive at 3.57% CAGR by 2028.
Plastic Waste Management Market is projected to be worth USD 48.13 billion by 2028
Luxus Limited (U.K.), PLASgran Ltd. (U.K.), Progressive Waste Solutions Ltd. (Canada), and United Plastic Recycling, Inc. (U.S.) are some prominent names in the plastic waste management market.
Collection, incineration, disposal, and recycling are service and equipment segments of the market.
Polypropylene (PP), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), and Low-Density Polyethylene (LDPE) are polymers that are used in plastic waste management solutions.